New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-07-12
A PAN-ELECTRIC "BOOM.'
ROGERS FEARFUL OF BEING DEFRAUDED.
He PROHIBITS SALES OF THE sTocK-BRoKKRs
PAYING S12 A SHARE FOR IT.
IBY TELEGRAPH TO THE TRIBUNE. ]

~
WASHINGTON July 11.-welli Here is trouble
about the Pan Electric Telephone Company In the adj
vertising columns OF The Washington Post to-day ap
peared notice signed by the secretary OF tho National
Improved Pan-Electric Telephone Company" stating
that all the shares Of stock patents, rights, property
licenses" etc. OF the Pan Electric Telephone Company
have been transferred the and informing
stockholders of both companies to exchange their old
certificates stock for In the National I'M
proved combination. When DR.. Rogers and his son.
upon whose inventions the Pan Electric spectators
have been bankng-saw this notice they were indignant
They went Immediately to the business oiice Oh the
paper which the notice appeared and offered an advcr
tsement with the cash to pay Tor It's Insertion reao
as follows:
To Pan. Electric Spectators:
Garland Harris Johnston. Atkins. Young, and The
National Improved Telephone Company. founded on
my earlier patents have been interdcted By me from
buying selling Electric stock Issued 70 any 81
them See their advertisement In The Post and my Dill
in equity, ID o. j. HARRIS ROGERS
Mr. Rogers said that the business manager declined to
accept the advertisement with the remark that ne
would not insert 1t with those names for SO lne
This seems rather strange inasmuch sut In equity
brought by Rogers reclaim the PanElcctrc stock In
the hands Of Garland, Harris, Atkins and Others, Is
pending In the District Court The letter in which
Rogers forbade the Electric Telephone Company to
dispose any of the stock addressed TO President
Joseph T. Johnston, Of the company, on January H.
1887. and copy of 1t was mailed on the same day 10
as follows:
To the Pan. Electric Telephone Company:
GENTLEMEN: We have Just learned through the Hon:
Of e PAN Electric Telephone Company with the Rogers
Telegraph and Telephone Company Is oohteinpiateu
anv COMPANIES whatever in which we hold interests,
with any other company whateyer We own tne greater
@ o ,He and hence the part Of its Electric
Telephone stock also large amounts OF THIS latter sook
directly; also large amounts OF indirecypaced III
the hands of various parties DO sold shares but
voted, in Looneys case also nearly all the ran
Electric Telephone stock claimed by the officers OF that
company as will he seen by reference to bill In equity
now pending in the District Of Columbia You are there
fore prohibited from making any consolidation or
union with any other company; and from voting any
stock in which we pecuniarily interested .
j. HARRIS ROGERS
DR. Rogers makes the point that the pretended conso
idaon OF the two companies was illegal because frst
all the stockholders OF the PanElectrc Company we're
not consulted; second, that there published
notice for a meeting OF stockhoiers third that he and
his son. who chief among the parties in interest,"
were not notified or consultei MS son being also one OF
the " consolidated" company has been fixed at
boom it. Commissioner Atkins. who Is, or was, the
happy pOssessOr OF S50O0O0 par vaueof Pan Electric
stock which has cost him in money something like $3.50
is reported to have declared recently that he would not
take than $l5 per share for his stock In other
words he would agree accept $4,000 for his chances
I'm the specnlation IL Is also reported that firm OF
brokers been dealing In the stock recently on inc
basis OF So per share This boom seems TO be based
on the belief that the Bell patents viii be broken down
In the meantime Atkins Garland Co, are busy Try
ing 10 dodge the equity proceeding begun by Rogers He
was not prepared furnish bond to enoin them nom
disposing OF stock of the par value OF siOooooO anu
may be that this inability will ondsnger his prospect OF
obtaining substantial justice IL can hardly be- now.
ever that Mr. Garland Will be found to answer at last
that he has disposed os Pan Electric stock for In his
answer to the Rogers bin In equity In August lss6 no
declared that he had become satisfied that tho business
OF the company could not be properly aud desiraDly
managed, and had decided In February last to give
away his stock in the Pan-Electric Company and DO
freed all every association With said complainant
and had prepared to cOnsummafc this purpose when an
investigation OF this company was Instituted ~ inc
House Representatives OF the Congress OF the United
States and he deemed IL proper to continue In sAt
renouncng all benefits 10 which he might be entitled.
he ght court the certificate for his Interest ~
said company and asked that after settlement or all
liabilities OF the company any interest which might re-
main TO him should be cancelled or returned ana sur
rendered to the Pan Electric Telephone Company.